US EditionRepublicans split on US credit downgrade as party's tax bill lingers
- Republican-Controlled Congress advanced a tax bill extending the 2017 tax cuts amid debate over the US credit rating downgrade in May 2025.
- The bill follows Trump’s 2017 Tax and Jobs Act, which nonpartisan analysts say increased deficits despite claims it would stimulate growth and pay for itself.
- Key concerns include the bill adding trillions to debt, rising annual deficits projected to reach $2.9 trillion by 2034, and some measures expiring after Trump’s term.
- Moody’s downgraded the US rating but kept a stable outlook due to monetary policy and reserve currency status, while Treasury Secretary Bessent dismissed the downgrade’s significance.
- The bill’s passage suggests increased debt burdens and interest costs, testing US fiscal sustainability and potentially affecting the dollar’s reserve currency status longer term.
50 Articles
50 Articles
How would Trump's budget bill affect the child tax credit?
(NEXSTAR) – President Trump's big tax cuts bill includes changes that would affect various groups of Americans, parents and guardians being one of them. Should Trump succeed in swaying Republican holdouts and passing the 1,116-page bill as is, there is good news for child tax credit beneficiaries, who would see a temporary $500 increase to $2,500 per child. The bill also includes additional tax breaks, such as a temporary $2,000 boost to the sta…
Trump Baby Savings Accounts to be Included in His "Big Beautiful Bill"
It often feels like common sense has packed its bags and left Washington, D.C., doesn’t it? Especially when you look at how American families, the... The post Trump Baby Savings Accounts to be Included in His “Big Beautiful Bill” appeared first on Patriot Journal.
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